Distributed co-simulation plays a key role in enabling collaborative modeling and simulation by different stakeholders while protecting their Intellectual Property (IP). Although IP protection is provided implicitly by co-simulation, there is no consensus in the guidelines to conduct distributed co-simulation of continuous-time or hybrid systems with no exposure to potential hacking attacks. We propose an approach for distributed co-simulation on top of UniFMU with enhanced cybersecurity and IP protection mechanisms, ensuring that the connection is initiated by the client and the models and binaries live on trusted platforms. We showcase the functionality of this approach using two co-simulation demos in four different network settings and analyze the trade-off between IP-protected distribution and performance efficiency in these settings.